BSMZ vs. SPHQ

Last updated Jun 4, 2026

BSMZ (Invesco BulletShares 2035 Municipal Bond ETF) and SPHQ (Invesco S&P 500 Quality ETF) are both exchange-traded funds - BSMZ is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2035 Index, while SPHQ is a S&P 500 fund tracking the S&P 500 Quality Index. Both are passively managed. At a 0.31 correlation, their price movements are largely independent. BSMZ charges 0.18%/yr vs 0.15%/yr for SPHQ.

Performance

BSMZ vs. SPHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and Invesco S&P 500 Quality ETF (SPHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSMZ achieves a 1.78% return, which is significantly lower than SPHQ's 16.16% return.

BSMZ

• 1D: 0.20%
• 1M: 0.85%
• YTD: 1.78%
• 6M: 2.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPHQ

• 1D: 0.59%
• 1M: 6.34%
• YTD: 16.16%
• 6M: 16.98%
• 1Y: 23.69%
• 3Y*: 22.83%
• 5Y*: 14.67%
• 10Y*: 15.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BSMZ vs. SPHQ - Yearly Performance Comparison

	2026 (YTD)	2025
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	1.78%	1.82%
SPHQ Invesco S&P 500 Quality ETF	16.16%	3.62%

Correlation

The correlation between BSMZ and SPHQ is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 18, 2025	0.31

Return for Risk

BSMZ vs. SPHQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 58
SPHQ Sharpe Ratio Rank: 57
SPHQ Sortino Ratio Rank: 59
SPHQ Omega Ratio Rank: 53
SPHQ Calmar Ratio Rank: 55
SPHQ Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BSMZ vs. SPHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2035 Municipal Bond ETF (BSMZ) and Invesco S&P 500 Quality ETF (SPHQ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BSMZ	SPHQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.84	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.38	0.53	+0.85

Drawdowns

BSMZ vs. SPHQ - Drawdown Comparison

The maximum BSMZ drawdown since its inception was -3.26%, smaller than the maximum SPHQ drawdown of -57.83%. Use the drawdown chart below to compare losses from any high point for BSMZ and SPHQ.

Drawdown Indicators

	BSMZ	SPHQ	Difference
Max Drawdown Largest peak-to-trough decline	-3.26%	-57.83%	+54.57%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.90%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.57%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-25.04%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-31.60%	—
Current Drawdown Current decline from peak	-0.39%	0.00%	-0.39%
Average Drawdown Average peak-to-trough decline	-0.70%	-10.70%	+10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.08%	—

Volatility

Volatility by Period

	BSMZ	SPHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.76%	12.62%	-8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.76%	16.45%	-12.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.76%	17.86%	-14.10%

BSMZ vs. SPHQ - Expense Ratio Comparison

BSMZ has a 0.18% expense ratio, which is higher than SPHQ's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BSMZ vs. SPHQ - Dividend Comparison

BSMZ's dividend yield for the trailing twelve months is around 2.02%, more than SPHQ's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMZ Invesco BulletShares 2035 Municipal Bond ETF	2.02%	0.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPHQ Invesco S&P 500 Quality ETF	1.03%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both BSMZ and SPHQ in my portfolio?

BSMZ and SPHQ have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSMZ or SPHQ?

On fees, SPHQ is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSMZ or SPHQ?

SPHQ is cheaper with a 0.15% expense ratio, compared with 0.18% for BSMZ.

Which ETF pays a higher dividend yield, BSMZ or SPHQ?

BSMZ has the higher dividend yield at 2.02%, compared with 1.03% for SPHQ.

What is the main difference between BSMZ and SPHQ?

BSMZ is categorized as Municipal Bonds, while SPHQ is S&P 500. BSMZ tracks Invesco BulletShares USD Municipal Bond 2035 Index, while SPHQ tracks S&P 500 Quality Index. Their fees differ too: 0.18% for BSMZ and 0.15% for SPHQ.